May 25, 2016
In the past few years, we have witnessed a large number of mobile wallets that have been introduced into the mainstream. Convenience, outstanding ease of use and smooth experience with mobile wallets are shifting the preferences and increasing their adoption among various generations. After witnessing the increasing technology adoption, Wells Fargo announced the upcoming launch of its own mobile pay service yesterday.
The new wallet service will be launched later this summer which will be integrated into its existing Wells Fargo mobile app. The service is available for users who download the bank’s app on their Android phones. All debit and credit card users of Wells Fargo can use the new mobile wallet system to work with millions of NFC-enabled payment terminals around the world. The service will allow users to conduct ATM transactions without the need for a physical debit or ATM card at one of Wells Fargo’s NFC-enabled kiosks. It is observed that about 2.8 million Wells Fargo customers currently use the company’s cards within third-party mobile payment apps. Wells Fargo Wallet is inbuilt and designed to provide seamless payment experience to its users. All transactions made through the wallet will be monitored by Wells Fargo risk and fraud detection systems and purchases are protected by zero liability. This new wallet feature will transform the experience into a complete payment solution. The service is limited only to android phones as iPhones sets strict limits on outside use of its platform. But Wells Fargo customers can keep using Apple Pay, Android Pay and Samsung Pay with a Wells Fargo account as their payment source.
We’re looking to reimagine customer interactions with money in and across channels, and designing our own Wells Fargo Wallet allows us to further engage our customers, and innovate for the future, Steve Ellis, Head of Wells Fargo’s Innovation Group, said in a statement. And he also added Continuous innovation enables Wells Fargo to save customers time and money, reduce fraud and drive loyalty. With mobile ubiquitous in today’s world, innovation around mobile will continue to be a key area of focus.
Banks are exhibiting a willingness to transform themselves; they have adopted different strategies to compete in the upgrading market. There are at least 100 mobile wallets in the US market with new ones getting added at a frequency of several months. Banks are in the perfect position to close the gap of the lack of confidence in providing security. Without even knowing it, tech companies seem to pave the way for banks to introduce a secure digital wallet service.